Investors sold shares of Bank of America Corporation (NYSE:BAC) on strength during trading on Monday. $223.48 million flowed into the stock on the tick-up and $311.55 million flowed out of the stock on the tick-down, for a money net flow of $88.07 million out of the stock. Of all stocks tracked, Bank of America Corporation had the 0th highest net out-flow for the day. Bank of America Corporation traded up $0.32 for the day and closed at $24.70
A number of analysts recently commented on BAC shares. Buckingham Research reissued a “buy” rating and set a $30.00 price objective (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Jefferies Group LLC reissued a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. BidaskClub raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $27.00 price objective on shares of Bank of America Corporation in a report on Wednesday, June 7th. Finally, Credit Suisse Group reissued a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Bank of America Corporation presently has an average rating of “Buy” and an average price target of $24.41.
The firm has a market capitalization of $260.25 billion, a P/E ratio of 14.7390 and a beta of 1.26. The stock has a 50 day moving average of $24.04 and a 200-day moving average of $23.79.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.93%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
Bank of America Corporation declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. MPS Loria Financial Planners LLC bought a new position in Bank of America Corporation during the second quarter valued at approximately $115,000. Intl Fcstone Inc. bought a new position in Bank of America Corporation during the second quarter valued at approximately $348,000. Griffin Asset Management Inc. bought a new position in Bank of America Corporation during the second quarter valued at approximately $824,000. Achmea Investment Management B.V. raised its position in Bank of America Corporation by 66.6% during the second quarter. Achmea Investment Management B.V. now owns 584,604 shares of the financial services provider’s stock valued at $14,179,000 after acquiring an additional 233,753 shares in the last quarter. Finally, Aldebaran Financial Inc. raised its position in Bank of America Corporation by 6.7% during the second quarter. Aldebaran Financial Inc. now owns 14,387 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 900 shares in the last quarter. 61.63% of the stock is currently owned by hedge funds and other institutional investors.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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